Shield - Archiving Solutions Making Case Management Extra Challenging

1. CASE MANAGEMENT EXTRA CHALLENGING Archiving Solutions - Shield A compliance officer has likely never uttered these words, “I wish that my regtech solution made case management even more challenging.” But that’s the current reality with existing communications archiving solutions. Because we all know that compliance officers have it “easy.” They need to stretch and rise to do things that actually challenge them more than COVID did, right? Every compliance officer reading this article is probably cringing or wincing. Those in financial services who deal with case management daily handling everything from account holder requests to providing insights on suspicious activity are nodding in agreement – they’ve all seen how tough COVID has been on their colleagues in compliance. It’s not like that department had it easy before COVID. Au contraire! Play it again, Sam … Maybe the most misquoted movie line of all time went unnoticed there, or maybe you caught the double entendre …? If you can’t go back to the archive to replay what you think you heard, how do you know if it was even said? Indeed, that’s the conundrum that compliance officers face every day. In pop culture, everyone can afford to make a mistake like a misquote. However, there’s no wiggle room for error in case management of suspected market fraud. If the archive is generally inaccessible and takes X number of days to file the report to request access, and then it takes X + Y days to get the one guy left in the building who has some legacy R-script code on his old laptop which is the only way to play the file, there may as well be no archive at all. Archiving makes people generally unhappy Continuing the theme of unhappiness for compliance officers, their growing caseloads can no longer be managed through manual processes. Case management requires accessing all data forms, wherever they’re stored – even if they’re siloed and have to be accessed one at a time. Storing communications data on a format no longer compatible with modern playback solutions is your problem as the compliance officer and financial firm – it’s not the problem of the SEC or other regulatory agency. Think for a moment about the floppy disc or the VHS tape. It would be painful. And that’s the experience of just about every compliance officer out there. Case management requires attention to detail and includes the meticulous collection of all relevant data. The collection and reporting processes are strictly controlled, and all compliance guidelines must be followed to limit the possibility of dismissing the case due to a technicality. Getting it right offers great rewards Upholding case management standards goes beyond risk-reward benefits for successfully prosecuted cases – doing so also impacts the firm. Increased business efficiency, greater compliance scores, reduced risk, and cost overall are reflected back to your consumers. Defaulting to the standard practice of archiving communication data in whatever form that the department’s lead IT expert prefers will lead to silos, inefficiencies, and potentially a reduced ability to charge the bad actors with illegal market activity. Where does your communications archiving solution fall flat? With the first critical step in the case management workflow being screening, no ability or an impaired ability to pull the data for playback thwarts or essentially negates your ability to proceed to the next five steps. WEBSITE: HTTPS://WWW.SHIELDFC.COM/